3 Insurance Coverages Every Luxury Car Owner Should Know About

luxury car insurance coverages

When you purchase a luxury car, it’s more than just a means of transportation, it’s a statement… it’s part of who you are.

In the tragic event that you have an accident, repairing or replacing your ride to pre-accident condition can frustrating.

Unfortunately, standard auto insurance policies are not always equipped to handle claims involving luxury cars. There are special endorsements and coverages your insurance professional should have talked to you about to make sure your luxury car is returned to its pre-accident condition.

Here are 3 insurance coverages every luxury car owner should know about…

1) New Car Extender Coverage

The first luxury car insurance coverage is New Car Extender.

New car extender coverage protects your vehicle from depreciation.

Cars depreciate an average of 10% in value each year. Higher-value (luxury) vehicles depreciate even faster.

If you are in an accident and your car is totaled, standard insurance policies provide the value of the vehicle–after depreciation.

The result: you are getting less than you pay for.

With new car extender coverage, cars within the three latest model years will get the full replacement cost for a new car in the event of a total loss.

Vehicles older than three model years will receive the actual cash value fo a vehicle one model year newer. It’s an instant upgrade in value.

Most people don’t even know this coverage is available on the market.

2) Lifetime OEM Parts

The second luxury car insurance coverage is Lifetime OEM (Original Equipment Manufacturer).

What this coverage does is guarantee you receive brand name parts, for your brand name car.

The brand of vehicle you choose to drive reflects a lifestyle choice.

If you get into an accident, most standard auto insurance policies will look to replace your damaged parts with generic parts to claim costs.

With Lifetime OEM, you will receive the brand name OEM parts, regardless of how old your vehicle is, and they come with a lifetime guarantee.

3) Excess Custom Equipment

The third luxury car insurance coverage is Excess Custom Equipment.

With most standard auto insurance policies, if there’s a loss, you’re not going to get any customizations you make to your vehicle beyond the standard feature set.

Excess Custom Equipment allows you to add those customizations back in to be included in a claim.

If you’re getting custom dashboards built-in, if you’re getting video screens custom built-in, if you’re getting sound systems built-in, this relatively inexpensive coverage extension ensures you get those customizations back.

The Rub

When my clients hear about these coverages (often for the first time) their ears tend to perk up. If you’re going to work hard for high-value items like a luxury car, you don’t want one bad to ruin the value of your vehicle.

There are insurance coverages to help make sure that doesn’t happen.

If your current insurance professional has never addressed coverages such as these with you before, then I’d encourage you to reach out to us today.

I look forward to introducing you to a new way of viewing your personal insurance program.

Thank you,

Ryan Hanley

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